07 July 2009 15:50 [Source: ICIS news]
CF said it had substantially complied with the FTC’s request for additional information regarding the takeover, which CF received on 3 June.
“We are pleased with the steady progress we have made in obtaining regulatory clearance of our proposed business combination with Terra,” CF CEO Stephen Wilson said.
Illinois-based CF made its first overture for Iowa-based Terra in March and the current offer stands at $30.50/share or an exchange ratio of not more than 0.4539 of a CF share for each share of Terra.
As of 3 July, a total of 2.86m shares of Terra common stock had been tendered into the exchange offer, CF said. On Tuesday, Terra had 99.7m outstanding shares.
CF is also a target of a hostile takeover bid by Agrium.
Agrium said last week that more than 62% of CF shareholders had tendered their shares to Agrium’s offer of $40 in cash plus one share of Agrium for each share of CF.To discuss issues facing the chemical industry go to ICIS connect
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